What exactly is BlakeStar ?
BlakeStar is a new crypto-currency, freely available globally. It is based on a peer-to-peer network protocol that allows people to store, place transactions and earn substantial interest on investment (PoS) with a focus on high performance, longevity and adoption by services.
This means any user holding coins will receive interest on their balance in return for their help in the maintenance of the system (network). BlakeStar offers you a real alternative to the actual centralized banks, and you are in control of – and are responsible for – all your funds. Built on the foundation of BitCoin, PPCoin and NovaCoin, innovations such as Proof of Stake help to further advance the field of crypto-currency, and provides a long-term energy-efficient crypto-currency.
Why is BlakeStar better than Bitcoin ?
BlakeStar is a free open source project partially derived from Bitcoin (inheriting all its stability), but improved using Blake2s hasing algorith. Blake2s itself is a high speed optimized cryptographic hashing algorithm used for Proof-of-Work and Proof-of-Stake hashes in BlakeStar for performance with low load. It uses Proof-of-Work, but unlike Bitcoin it is configured to transition to Proof-of-Stake, when small numbers of coins will be issued yearly for staking. (10% yearly)
The advantage of transitioning to Proof-of-Stake is to avoid the centralized mining pools that may eventually threaten Bitcoin with a 51% attack. Most Bitcoin mining has been centralized in China, which is not necessarily a good thing for the currency. Proof-of-Stake is known to discourage centralized mining pools.
Originally dependent on the “libb2” library version of the Blake2s reference distribution, the blake2s reference implementation has now been directly baked in for ease of compilation across platforms. Users no longer need to download and install libb2 separately. All of this, makes BlakeStar ideally suited for dedicated staking devices and low-power/low-spec systems.
How can I get BlakeStar ?
You can acquire BlakeStar coins from any available exchange or from an individual. Currently, you can find BlakeStar (BLAS) on CoinExchange and NovaExchange, but very soon the coin will be available on more exchanges.
Alternatively, you can try mining BlakeStar to get some coins from the block rewards. Visit our news section for instructions about how to do this.
Creating new coins : Proof of Stake VS Proof of Work
Currently, there are to ways to generate BlakeStar coins: Proof of Work (PoW) and Proof of Stake (PoS).
Proof of work is a great innovation that was created in the original Bitcoin protocol. It works by solving very complex math problems. This way anyone can prove the effort they have done to secure the protocol. Basically, this is how the blockchain is generated, and this effort contributes to a coin’s scarcity and value. Ultimately though, PoW bcomes an expensive system, in terms of power resources required by nodes.
Proof of Stake tries to solve this issue using an alternative and elegant method. Instead of using computer power to generate security, Proof of Stake uses the scarcity of the coin itself. Users may choose “stake” the coin,in order to generate the next block in the chain, and the user’s chance of doing so is basically proportional the “weight” of their coins. BlakeStar is eco-friendly and efficient, and help to avoid the huge waste of energy and dedicated hardware overhead of Proof of Work networks.
Staking : Earning more coins easily
Proof of Stake helps to secure the network and the various transactions made on the BlakeStar network. For this stake, you must keep the wallet running in your computer and unlocked (very important).
You will earn from 1% to 10% (depending on the network weight) of your total coins held in your wallet over the period of one year.
Once you start to stake, you can watch your BlakeStar balance increase - the more coins you have, the more you will earn by staking.
Official BlakeStar website
Currently, the only official website for BlakeStar project is www.blakestar.io
Be careful to avoid fake BlakeStar sites - if you have to, make sure to type the url above in your browser, instead of clicking on links.
How long does the wallet take to sync ?
The current size of the BlakeStar bootstrap is not excessive, so you should be able to download in less than 24 hours. This will depend on your internet speed and the number of available peers.
Why my wallet is not syncing ?
If your wallet is not syncing, please verify the points below:
Send and receive BlakeStar
Sending or receiving coins using th BlakeStar wallet is a very simple procedure.
First of all, you will need to generate a receive address (known as ‘deposit address’ on exchanges). If your wallet is encrypted, you will be prompted to enter your pass-phrase (encryption phrase) before you can place the transfer order. This will be required every time you want to send coins from your wallet.
PAY TO : Here we enter the wallet address of the recipient. Be sure to enter this correctly.
LABEL : Use this field to keep track of your transactions, by entering an appropriate name or phrase to remind you of the recipient, for example “John Smith”.
AMOUNT : Fill in the amount of coins that you desire to send.
We strongly recommend, that you use copy/paste functions to enter the wallet addresses. This will prevent you from entering an incorrect wallet address.
To receive coins from another wallet, the procedure is even easier - you simply use your wallet address, which you will find in the “Receive” section of your wallet. By default, you only will have one address - however, you may create more. To do this, click on “New Address”. After this, you can share any of your address with potential senders, and wait fo the payment(s) to be verified by the network.
Updating my wallet
To update your wallet, simply replace the executable file with the new one downloaded from our official website.
Before upgrading, we always recommend that you make a backup of your wallet.dat file.
Backup/Restore your wallet
Backup procedure is very simple, you only need to save a file called “wallet.dat”. The file is created the first time you run the wallet in the path c:\Users\ ……. \AppData\Roaming\BlakeStar\
For restore, you must install your wallet in the same computer (or different one) and copy again this file to his original path.
How do I export my private keys ?
For export your private key follow this steps :
- Ensure that your wallet is not locked.
- In case it is locked, go to Settings -> Unlock wallet.
- Enter your passphare, uncheck “For staking only” and press OK.
- After this, go to Help -> Debug window.
- In the new window, select the “Console” tab.
- In the bottom input write : dumpprivkey <your_wallet_address> (without <>)